New York Life Agent Testifies on Potential Impact of Proposed DOL Rule

October 8, 2015

On Sept. 30, New York Life agent Ken Specht of Kenosha, Wis., testified  at a hearing before the House Ways and Means Committee Subcommittee on Oversight on the Department of Labor's proposed fiduciary rule.    “I am committed to serving my client’s best interest. Not only is it the right thing to do and the only way that I am comfortable operating – but this is very much a personal business and a long-term relationship business,” Specht told the members. “Nearly all of my clients com...

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Projected Health Care Costs for Retirees Up Sharply

October 8, 2015

A 65-year-old couple retiring this year will spend approximately $245,000 on health care during their retirement years, according to Fidelity Investment’s annual Retirement Health Care Cost Estimate . That amounts to an 11 percent increase over last year’s estimate of $220,000 and a 29 percent increase from the 2005 estimate of $190,000.   Fidelity attributes the jump to increased longevity among retirees and rising medical and prescription drug costs. The estimate does not include poten...

Senate Passes PACE ACT

October 1, 2015

With the Senate today passing S. 1099, both chambers of Congress have now passed the Protecting Affordable Coverage for Employees (PACE) Act, which will ensure that small group markets remain defined as 1-50 employees rather than change to 1-100 employees on Jan. 1, 2016. On Sept. 28, the House passed H.R. 1624. The Obama Adminisration will now consider the combined legislation. “Small businesses often rely on NAIFA members to advise them on appropriate health insurance and employee ben...